all going well untill I had my hours cut at work

[Chris.1]

Hi,
I am currently 14 months into my Iva and was all going well untill I had my hours cut a work. I have applied to have my payments reduced but in the meantime I have fallen into arrears and have been given one month to clear my arrears or they will file on defult of my IVA. I am desperatly trying to sell my car plus other items to prevent this happening. Does anyone offer a short term loan for people with an Iva that I could pay off as soon as my car is sold.
Regards Chris.

[MelanieGiles]

Hi Chris

You would not get a short term loan - unless it was from family members - and this is not really the ideal solution for you. What you really need to do is reappraise your finances, following your reduction in working hours. Do you really feel that you can continue to support the IVA - even by applying to have the payments reduced? If not, then perhaps bankruptcy proceedings may now be a better option for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Hi Chris
sorry to hear of your predicament. I dont think you can get a loan as you would need to have your IP's permission to do it.
Ring your IP and speak to them ask if you could add the extra payments to the end of the iva to make up the shortfall or if there is any other way to sort it out without having to fail the iva.
Another option could be bankrupcy, depending on your situation, do you own your own home, would it affect your job.
Why have your hours been decreased ? could you maybe earn a bit more somewhere else to increase your income.
Just a few suggestions Chris I hope they are of some help. I thinkj the most important is to speak to your IP and see what they suggest.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Hi CHris,

Sorry to hear about your unfortunate situation, please contact your I.P and tell them that you are struggling to pay back your arrears. You would not be able to get a short-term loan as this would be taking out credit which is not allowed in an IVA without the permission of your I.P.

Have you considered bankruptcy?

Best Regards. IVA Experts

[Oliver]

Unless the loan was coming from a friend or family member this is unlikely to be possible. Furthermore this will only put off the inevitable if you are unable to work the original amount of hours. Talk to your IP about the possibility of a variation in the monthly payment. However, if this is not possible your IVA will not be affordable to you and you will have to consider your other options. What was the original reason you choose to propose an IVA rather than going bankrupt.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp